MGIC Investment Corporation $MTG Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp boosted its stake in shares of MGIC Investment Corporation (NYSE:MTG) by 3,278.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 93,110 shares of the insurance provider’s stock after purchasing an additional 90,354 shares during the period. Fifth Third Bancorp’s holdings in MGIC Investment were worth $2,444,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Hsbc Holdings PLC increased its holdings in shares of MGIC Investment by 98.5% during the 1st quarter. Hsbc Holdings PLC now owns 411,761 shares of the insurance provider’s stock worth $10,809,000 after buying an additional 204,349 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in MGIC Investment by 1.1% in the first quarter. Oregon Public Employees Retirement Fund now owns 44,972 shares of the insurance provider’s stock valued at $1,181,000 after acquiring an additional 481 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in MGIC Investment by 7.1% in the first quarter. QRG Capital Management Inc. now owns 9,583 shares of the insurance provider’s stock valued at $252,000 after acquiring an additional 639 shares during the last quarter. HB Wealth Management LLC grew its position in MGIC Investment by 15.8% during the first quarter. HB Wealth Management LLC now owns 16,017 shares of the insurance provider’s stock valued at $420,000 after acquiring an additional 2,191 shares during the period. Finally, Baer Investment Advisory LLC purchased a new stake in MGIC Investment during the first quarter valued at about $1,230,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

MGIC Investment Trading Down 0.9%

NYSE:MTG opened at $29.06 on Wednesday. The business’s 50-day moving average is $26.81 and its two-hundred day moving average is $26.90. The firm has a market capitalization of $6.15 billion, a PE ratio of 9.23, a price-to-earnings-growth ratio of 2.02 and a beta of 0.67. MGIC Investment Corporation has a 12 month low of $24.69 and a 12 month high of $29.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14.

MGIC Investment (NYSE:MTG) last issued its earnings results on Wednesday, April 29th. The insurance provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. MGIC Investment had a return on equity of 14.01% and a net margin of 59.63%.The company had revenue of $297.08 million during the quarter, compared to the consensus estimate of $303.12 million. During the same quarter in the prior year, the business earned $0.75 earnings per share. The company’s revenue was down 3.0% compared to the same quarter last year. Research analysts predict that MGIC Investment Corporation will post 3.05 earnings per share for the current fiscal year.

MGIC Investment announced that its Board of Directors has initiated a share buyback program on Thursday, April 23rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 12.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

MGIC Investment Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Wednesday, May 6th. MGIC Investment’s dividend payout ratio is currently 19.05%.

Insider Activity at MGIC Investment

In other news, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $25.38, for a total value of $761,400.00. Following the completion of the transaction, the chief operating officer directly owned 560,951 shares in the company, valued at approximately $14,236,936.38. This represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,937 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $25.55, for a total transaction of $534,940.35. Following the sale, the executive vice president directly owned 169,620 shares of the company’s stock, valued at approximately $4,333,791. The trade was a 10.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

MTG has been the topic of a number of research reports. Weiss Ratings upgraded MGIC Investment from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, July 7th. Barclays decreased their target price on MGIC Investment from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, May 1st. Royal Bank Of Canada started coverage on shares of MGIC Investment in a report on Friday, May 22nd. They issued a “sector perform” rating and a $28.00 price target on the stock. Finally, Keefe, Bruyette & Woods lifted their price target on shares of MGIC Investment from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Friday, April 10th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, MGIC Investment presently has an average rating of “Hold” and a consensus price target of $28.25.

MGIC Investment Company Profile

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.